Health Insurance Buyer’s Guide
Understand five important plan features and four common mistakes before choosing coverage.
Five features to compare
- Premium - your monthly payment after any applicable premium tax credit.
- Deductible - what you pay before most benefits start.
- Maximum out-of-pocket - the ceiling for covered, in-network care.
- Network - whether your doctors and hospitals participate in the plan.
- Formulary - whether the plan covers your prescriptions at your preferred pharmacy.
Mistakes that get expensive
- Choosing a plan from an ad without checking the doctors.
- Assuming a $0 Advantage premium means $0 cost (you still pay Part B).
- Missing Medigap open enrollment and facing underwriting later.
- Choosing a Gold plan without checking whether a Silver plan with cost-sharing reductions would better meet your needs.